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Euromoney: Acquisition

Released 15:00 15-Aug-2016

RNS Number : 2092H
Euromoney Institutional InvestorPLC
15 August 2016
 

EUROMONEY INSTITUTIONAL INVESTOR PLC

RNS Announcement

August 15, 2016

 

Euromoney acquires FastMarkets and extends
Metal Bulletin's capabilities into real-time data delivery

 

Euromoney Institutional Investor PLC ("Euromoney"), the international online information and events group, and the owner of Metal Bulletin, the global metals and mining price reporting agency, has signed a binding contract to acquire 100% of the shares of FastMarkets Ltd.

 

FastMarkets is a leading provider of real-time metals market information. It will become an integral part of Euromoney's extensive portfolio of digital pricing products that include Metal Bulletin and American Metal Market.

 

This acquisition is consistent with Euromoney's strategy set out earlier in the year and it enhances the depth of information that Metal Bulletin can provide its clients across the metals and mining markets supply chain.

 

Established in 1999, FastMarkets is used by non-ferrous and precious metals traders and risk managers every day as an important workflow tool. Through its high-quality online platform, it provides over 120 proprietary price assessments, combined with exchange data including futures prices from the world's largest commodity exchanges such as the LME and the CME. It provides coverage of non-ferrous physical premiums plus supporting treasury data supported by market commentary including webcasts directly from the LME floor. FastMarkets' respected service also delivers daily technical and fundamental reports to its users.

 

On completion, Euromoney expects to make a cash payment of approximately £13m for the acquisition of FastMarkets.

 

Metal Bulletin's Managing Director Raju Daswani said: "FastMarkets is an excellent business that perfectly complements Metal Bulletin's portfolio of price reporting and information products. Recent volatility in base metal markets has highlighted the need for high-quality price reporting on the physical metal markets to supplement the price discovery function of the world's commodity futures exchanges. This acquisition complements Metal Bulletin and extends Euromoney's global coverage of metals markets."

 



 

FastMarkets' Chief Executive Dominic Hall said: "I am delighted that FastMarkets will be joining forces with Metal Bulletin as our two great businesses have such complementary strengths. FastMarkets adds strong real-time market data capabilities to Metal Bulletin's pre-eminent position as the world's leading provider of benchmark prices for metals. Together, we become the metal industry's most important source for market intelligence, market data and benchmark pricing."

 

Ends

 

For further information, please contact:

 

Euromoney Institutional Investor PLC

Andrew Rashbass, CEO:                        +44 20 7779 8845; andrew.rashbass@euromoneyplc.com 

Colin Jones, Finance Director:               +44 20 7779 8666; cjones@euromoneyplc.com 

 

FTI Consulting

Charles Palmer/Emma Appleton:          +44 20 3727 1400; euromoney@fticonsulting.com

 

 

NOTE TO EDITORS

 

About Metal Bulletin

The Metal Bulletin Group (www.metalbulletin.com) provides leading pricing intelligence, including independent industry price benchmarks, for the metals and mining industry. Its global portfolio of news, analysis, conferences and insight services complement its activity in pricing. With an international team of 160 people focused on price and market assessments, it provides over 1500 proprietary prices. These prices are regularly used for benchmarking contracts related to physical trades, and financial contracts are also settled against Metal Bulletin prices. Users of Metal Bulletin's information are across the supply chain, from miners to end-users and also include trade, government and international agencies who rely on its data for analysis and planning.

 

About Euromoney Institutional Investor PLC

Euromoney Institutional Investor PLC (www.euromoneyplc.com) is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is an international business-to-business media group focused primarily on the global banking, asset management and commodities sectors under brands including Euromoney, Institutional Investor and Metal Bulletin.  It is a leading provider of economic and investment research and data under brands including BCA Research, Ned Davis Research, and the emerging market information providers, EMIS and CEIC. The group also runs an extensive portfolio of events for the financial and commodities markets. Its main offices are in London, New York, Montreal, Hong Kong and Sofia, and more than a third of its revenues are derived from emerging markets.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Euromoney: Acquisition - RNS